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Gold/Mining/Energy : Canadian REITS, Trusts & Dividend Stocks -- Ignore unavailable to you. Want to Upgrade?

To: David Culver who wrote (282)	3/19/2000 1:28:00 PM
From: David Michaud	Read Replies (1) \| Respond to of 11633

do they offer DRIP at a discount to market?

To: David Culver who wrote (282)	3/19/2000 4:33:00 PM
From: Lorne Larson	Read Replies (1) \| Respond to of 11633

All of the energy royalty trusts appear to be grossly undervalued right now. If oil and gas prices stay where they are many of these trusts will payout 20-30% this year (aside from any capital appreciation in the unit price). If oil dips to an average of $20 over this year, most will still payout 12-15%. Even at $15 oil many would show a 10% return at their current unit price. People don't want these things, so I'm buying like crazy. Would seem reasonable to see some take-over action as well - that is, the larger trusts taking over the smaller ones. Why buy oil and gas in the ground when you can buy it cheap on Bay St. Same is true for some of the other types of income trusts - pipelines, power facilities, etc. Pembina Pipelines has no debt, has consistently paid a dividend of .08c/mo over the last 3 years, and presently trades at $6.55 (was as low as $5.85!). That's an annual return of 14.5%. Look at Koch, AEC Pipelines, Northland Power, Algonquin Power, etc, etc. Incredible opportunity to my mind, and I suspect it won't last too much longer. The market can't be that inefficient forever.

To: David Culver who wrote (282)	3/23/2000 11:54:00 PM
From: David Michaud	Respond to of 11633

Pengrowth Energy Trust - Pengrowth cash distribution; tax projection for 2000 Pengrowth Energy Trust PGF.UN Shares issued 53,639,338 2000-03-22 close $16.95 Thursday Mar 23 2000 Mr. James Kinnear reports The administrator of Pengrowth Energy Trust, Pengrowth Corp. has declared that the cash distribution payable April 15, 2000, will total 29 cents per unit. The ex-distribution date for the April 15, 2000, distribution is March 30, 2000, and the record date is April 3, 2000. Cash distributions paid over the past 12 months now total a record $2.796 per trust unit, representing the highest 12-month trailing distributions achieved by Pengrowth is in its 11-year history. 1999 tax information Pengrowth paid $2.2160 per unit as cash distributions during the 1999 calendar year. For Canadian tax purposes, 69.58 per cent of these distributions, or $1.5418 per unit as a tax deferred return of capital and 67.42 cents per unit will be taxable to unitholders as other income. T3 supplementary information tax slips will be issued to unitholders from either Montreal Trust for registered unitholders, or the broker nominees for non-registered accounts. The 1999 income tax information letter will be included with the annual report, information circular and proxy materials being mailed to unitholders in early April, 2000. The tax information is also accessible at Pengrowth's Web site, www.pengrowth.com. 2000 tax estimate With higher crude oil and natural gas prices, increased production and increased distributable income expected this year, Pengrowth forecasts that approximately 50 per cent of distributions paid in 2000 will be taxable to unitholders as other income. This estimate is based on an assumption that the WTI oil price averages $24/bbl (U.S.) for 2000. The taxability may be reduced if Pengrowth completes acquisitions and equity during the year. Change in amortization for miscible flood injectant costs Injectants (primarily ethane and methane) are used in Pengrowth's miscible flood to stimulate incremental oil recovery. The cost of injectants purchased from third parties is deferred and amortized over the period of expected future economic benefit. Since the inception of Pengrowth's horizontal miscible flood, this period of future economic benefit has been estimated at 36 months. Commencing March 1, 2000, Pengrowth has decided to shorten the amortization period from 36 months to 30 months. Pengrowth is encouraged by the performance of the miscible flood to date. Pengrowth is experiencing a solvent recovery factor and value-added return that is consistent with our initial economics, however, the rate of incremental oil recovery appears slightly faster than originally anticipated. Deferred solvent costs are temporarily debt financed, so by reducing the amortization period, Pengrowth is reducing its bank debt and interest costs. By changing the amortization period from 36 months to 30 months, Pengrowth expects to reduce distributable income by approximately 10 cents per trust unit in 2000. However, distributable income is expected to increase by over 14 cents per unit in future years due to lower amortization charges and lower debt service costs. The change in amortization policy reflects the company's desire to minimize debt and manage EnergyTrust in a prudent manner for the long-term benefit of unitholders. Price risk management update Pengrowth has a price risk management program whereby it fixes the price on a portion of its future production to lock in the value of acquisitions and enhance its capital development program. Pengrowth currently has financial crude oil swap transactions that fix the price on: 4,243 barrels of oil per day for the year 2000 (24 per cent of estimated oil production) at an average price of $32.97/bbl (Canadian); and 1,000 barrels of oil per day for the year 2001 (5 per cent of estimated oil production) at an average price of $32.02/bbl (Canadian). Pengrowth also has sales commitments to deliver natural gas at fixed prices in the future, as summarized below: 5.9 bcf (16.2 mmcf/d or 23 per cent of estimated production) for 2000 at an average plantgate price of $3.00/mcf; 4.8 bcf (13.1 mmcf/d or 18 per cent of estimated production) for 2001 at an average plantgate price of $2.97/mcf; and 2.8 bcf (7.8 mmcf/d or 11 per cent of estimated production) for 2002 at an average plantgate price of $2.98/mcf. Pengrowth continues to actively pursue opportunities to acquire additional producing crude oil and natural gas properties in order to achieve the company's objectives of increasing unitholder cash distributions and value.